Check out some similar questions!

Jynnifer · Jan 29, 2006, 05:04 PM

I received a 1098-E from U.S. Dept of Ed for my student loan. However, I know that I did not pay the interest amount indicated in box 1. In box to the box is check saying that the interest indicated on the form includes loan orifination fees and/or capitalized interest. Will this come back to me some day? It seems like it's not right since I know I only paid in a tenth of the interest they are claiming.

Also, we moved from FL to TN in December and although I know how much we paid the actual moving company I did not keep an accurate record of all moving costs associated with the move. Any advice on how much is allowable or what exactly is deductible. We do fall under the correct guidelines for moving and deducting since my husband's job is now over 800 miles away old place and we were not reimbursed anything since we didin't move because of a job relocation. Thank you in advance for any information you may provide. Take care!

AtlantaTaxExpert · Jan 29, 2006, 09:35 PM

Jynnifer:

Claim the interest. The loan origination fees and other pre-paid interest was rolled into the student loan. Claiming these fees and interest in the year the loan was originated is perfectly legal.

You can only claim the actual costs of moving your personal effects, the mileage from FL to TN, the lodging (but NOT the meals) during the move, and any storage costs for your personal effects. And That's IT!

hulkdeals · Jan 31, 2006, 12:32 PM

I have questions about moving expenses
1. I will claim the actual costs that I paid to the moving company, 1 night hotel when I stayed during the trip, packaging supplies, and gasoline for my car but I do not understand when you said "the mileage from FL to TN"
Is this the mileage for my car from original dest to the destination? When do I put the number in?

AtlantaTaxExpert · Jan 31, 2006, 07:22 PM

Instead of gasoline, you can claim a mileage rate (either 40.5 cents a mile prior to September 1st or 48.5 cents a mile after August 31st).

It will probably produce a higher tax deduction. Do the math and add the result with 1 night hotel receipt and put in on Line #2 of Form 3903.

hulkdeals · Feb 1, 2006, 01:25 AM

Thank you again,
What happen if I do not remember exactly the mileage? I can do estimate by do the mileage street to street using mapquest. Do you think it will be good enough in case I get audit.

AtlantaTaxExpert · Feb 1, 2006, 10:09 AM

HulkDeals:

The MapQuest printout is more than adequate for an IRS audit.